On the first term of 2016, Bukit Asam Tbk (PTBA) net profit decreased by 10% to 714 billion IDR. The decrease in profit was caused by the coal price and the rising operating expenses. Its performance is estimated to be better since the coal price has begun to recover.
In the period of January to June 2016, the weighted average sales price of PTBA’s coal dropped by 6% to 659.240 IDR per ton while the average price of coal exports fell by 7.18% to US$ 56.96 per ton. On the first term of 2016, PTBA’s coal production also dropped by 8% to 7.65 million ton. The number of the production reflects 30% of PTBA’s coal production target which reached 25.7 million ton this year.
Arviyan Arifin, the President Director of PTBA, said that the decrease in coal price was compensated with the escalation of sales volume by 11% to 10.02 million ton. Therefore, the company’s revenue had risen by 4% to 6.76 trillion IDR on the first term of 2016.
The company will try to reach their coal production target and achieve their targeted net profit on the second term of 2016. At least they could have the same performance as last year. Last 2015, the company recorded their revenue by 13.73 trillion IDR with a net profit of 2 trillion.
In trading on Monday (8/8), PTBA’s share had weakened by 1% to 10.250 IDR. Panin Sekuritas recommended Buy for PTBA with a target price of 12.000 IDR. (*)
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